Pivotal Metals (ASX:PVT) has enhanced the economic potential of the Horden Lake Project in Québec, Canada, after completing the first metallurgical testwork program.
The testwork focused on the production of separate copper and nickel concentrates using froth flotation and investigated using a limited range of varied processing parameters. Total copper recoveries returned between 87-94%, with clean copper concentrates produced grading between 22-28% copper.
The testwork was executed by Blue Coast Research in Parksville, Canada, and overseen by Pivotal’s metallurgical consultant Chris Martin.
Managing Director Ivan Fairhall says a resource update is to be delivered shortly, leveraging 2024 step-out drilling and the inclusion of the full byproduct suite (gold, silver, cobalt, and platinum) that was either excluded or underestimated in previous resource updates.
This year’s 2025 drill program at Horden Lake is in progress, with results expected during Q2 2025.
The copper and byproduct performance demonstrated supports the development credibility of the deposit, and complements the growing resource potential as evidenced in recent drilling and geophysics on the project, he adds.
Fairhall says the testwork underwrites “huge value in the wholly owned Horden Lake project, and is a phenomenal result for the first ever program of its kind on the project”.
“It is still early days, but the results outlined here reclassify this “deposit” as a project with genuine credibility. There is a deficiency of credible copper development projects globally, which further underscores the value and significance of the achievements outlined here,” Fairhall continues.
“The testwork shows high recovery of a suite of metals, but most importantly copper, into clean and highly marketable concentrates. We can also see a large precious/PGM byproduct potential revenue stream which amplifies the financing and strategic optionality.
“Importantly, we have used conventional flotation processing technology that offers lower execution and operating risk, and low-cost base that bolsters the economic potential of the project. This is a fantastic base from which to optimise.”
The company says the copper concentrate is considered highly marketable considering the high copper grade, and containing significant levels of payable gold, silver, and palladium.
Encouragingly, high copper recoveries were realised despite the copper head grade being much lower than resource grades, the company reports. No deleterious or penalty elements were recovered.
Variability testing yielded consistently high copper recoveries, up to 95% in rougher flotation, driven by almost exclusively coarse-grained chalcopyrite mineralisation. Given the demonstrated efficiency of the locked cycle flowsheet to convert copper in the rougher concentrate to payable grade in either the copper or nickel concentrates, this points to overall copper recoveries to the two concentrates typically in excess of 90%.
A “high-quality” nickel concentrate was also produced with expected good nickel payability, and containing payable levels of copper, gold, silver, palladium, platinum, and cobalt. No significant deleterious or penalty elements were noted.
Pivotal adds that a resource update is expected to be delivered shortly, leveraging 2024 step-out drilling and the inclusion of the full by-product suite that was either excluded or underestimated in previous resource updates.
The Horden Lake Project currently hosts an indicated and inferred resource of 28 million tonnes @ 1.5% copper-equivalent.
Meanwhile, the 1,500m diamond drilling program at Horden Lake is also progressing, with results expected during Q2 2025. The program is targeting shallow resource expansion opportunities that were uncovered during last year’s exploration program.
Horden Lake is located close to the largest copper and nickel smelters in Canada, with Glencore’s (LSE:GLEN) Horne copper smelter 450km along an all-season highway and two nickel smelters in Sudbury further beyond.
The global copper concentrate market has been experiencing challenges, largely driven by mined supply shortfalls, export restrictions, and smelting capacity expansion ahead of expected increases in refined copper demand.
Pivotal says this global shortfall resulted in cyclical low treatment and refining charges with some 2025 contracts setting at $21 per tonne. This is the lowest outcome in at least 20 years and down from $80 per tonne in 2024.
Recently, the charges have been negative at times, which means smelters are paying miners to secure concentrate.
The Horden Lake Project is a copper-dominant asset that is also considered prospective for nickel, gold, platinum group metals, and cobalt.
Write to Aaliyah Rogan at Mining.com.au
Images: Pivotal Metals
